Market Efficiency in Frontier Emerging Markets
In the context of this book the concept of market efficiency becomes relevant as it lends itself as a framework to examine the behavior of securities returns on a level which is of interest to the portfolio manager, whose mandate it is to outperform a benchmark, and who can profit from or exploit gross market inefficiencies. Secondly, it is important to the policy maker, whose mandate it is to steer and control the development of a newly emerging market in order to achieve the benefits of an efficient equity market.
KeywordsRandom Walk Stock Price Excess Return Equity Market Market Efficiency
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